#Bithumb Partner Banks#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank. The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) has received Bithumb's report on changing the issuing bank for real-name accounts. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24th. Under South Korean law, cryptocurrency exchanges need to have a real-name account partnership with a designated commercial bank to trade Korean won. Bithumb has been in a real-name account contract with Nonghyup Bank since 2018, and has been trying to change its partner bank since last year.
Ace Hot Topic Analysis
Analysis
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank. The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) recently received a report submitted by Bithumb regarding the change of real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24th onwards. According to current laws, domestic cryptocurrency trading in South Korea operates on a "one company, one bank" principle, requiring platforms to establish a real-name account partnership with a designated commercial bank to trade Korean won. Bithumb entered into a real-name account contract with Nonghyup Bank in 2018 and has been trying to change its partner bank since last year. This application to change partner banks may be a decision made by Bithumb in order to seek a more stable banking partnership and better meet the needs of its users.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bithumb is applying to change its partner bank from Nonghyup Bank to KB Kookmin Bank.
If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24.
According to current South Korean law, cryptocurrency trading platforms must establish a real-name account partnership with a designated commercial bank to trade Korean won, implementing the principle of "one company, one bank."
Bithumb has had a real-name account contract with Nonghyup Bank since 2018 and has been trying to change its partner bank since last year.